The World Bank is said to be mulling an $135 million investment in the proposed Nimba iron ore mine in southeastern Guinea, which is owned by Canada’s High Power Exploration (HPX), a privately-held company founded my mining mogul Robert Friedland.
The move by MIGA, the bank’s agency for foreign investment, would help HPX deal with potential political risks associated with the mine’s exploration phase, including the completion of key studies preceding Nimba’s construction and operations.
MGA’s involvement could prove crucial for both the Guinean economy and the local biodiversity, Africa Intelligence reports.
The proposed open-pit is located in the Guinean Nimba Mountains, classified as a strict nature reserve in 1944 and then as a World Heritage Site in 1981-82 for being home to globally threatened and endemic species.
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